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What is Timothy Mellon net worth? All on Trump's ‘patriot friend’ who donated $130mn for US soldiers amid shutdown
Timothy Mellon, a supporter of US President Donald Trump, donated $130 million to boost US troops' wages, NY Times reported.
It has come to light that Timothy Mellon is a “friend” of US President Donald Trump who gave $130 million to support US troops wages, NY Times reported.
After President Donald Trump revealed that a friend had offered the donation to cover any deficits, the Pentagon acknowledged on Friday that it received an anonymous $130 million donation to assist with pay military personnel during the government shutdown, sparking ethical concerns.
Trump calls donor ‘patriot’ and ‘a friend of mine’
Addressing the White House event on Thursday, Trump revealing the donor's donation, saying “That’s what I call a patriot.”
Trump refused to identify the individual, saying that he did not want the honor and referring to him as “a friend of mine.” On Thursday, the Pentagon announced that it had accepted the present "under its general gift acceptance authority."
Who is Timothy Mellon and what is his net worth?
Timothy Mellon is the grandson of Andrew Mellon, a businessman and former United States Treasury Secretary from 1921 to 1932. Mellon's family businesses range from oil to aluminum.
In that capacity, he lowered taxes on the wealthiest Americans and ran a successful campaign to eliminate inheritance taxes, allowing him to pass his wealth on to his descendants. Before entering the public sector, the elder Mellon earned his fortune in banking, manufacturing, and early-stage company investments.
Forbes reports that the Mellon family has a $14 billion total net worth, making them one of the richest families in the nation. The precise financial assets of Timothy Mellon remain unclear. He stated in a 2014 deposition that he has a net worth of about $700 million. It is estimated to be worth $1 billion, as per the London Times. Mellon didn't want people to know his actual net worth, which is closer to $4.2 billion, according to a relative who spoke to Vanity Fair.
Timothy Mellon's past support to Trump
The younger Mellon apparently entered politics later in life. The Wall Street Journal reports that Mellon gave roughly $350,000 between 1996 and 2018, which is significantly less than the hundreds of millions he has contributed to support Republicans during the Trump administration. According to Open Secrets, Mellon gave $60 million to Republican candidates in the 2020 election, including $20 million to Trump. He donated $41.7 million to candidates in the 2022 midterm elections.
